AXA behind NAB
(20 May 2010 – Australia) AXA’s chairman Rick Allert has said he was surprised by the Australian Competition & Consumer Commission’s (ACCC) decision last month to knock back National Australia Bank’s A$14 billion offer for the Australian assets of AXA Asia Pacific.
The wealth manager’s chairman also signalled they were lobbing for NAB’s bid, revealing that discussions between the ACCC and AXA had taken place over the commission’s decision that the merger would be anti-competitive.
Speaking at the company’s annual meeting in Melbourne earlier this week, Mr Allert said that the information provided by AXA, and its view, is that they do not see any anti-competitive issue that the commission has ruled on.
The group’s chairman added that regardless, it’s up to the commission to make up their own minds.
The ACCC ruled last month that a merger would ‘significantly diminish’ incentives to compete in relation to the retail investment platform used by investors, adding that its ownership of MLC, Aviva and JBWere contributed to the decision.
Mr Allert said that the group’s North platform, while innovative, was a ‘relatively small’ business, that’s why they were surprised about the decision.
At NAB's interim profit announcement earlier this month, chief executive Cameron Clyne gave little indication of his next move. He said the bank remained keen and was ‘assessing its options’.
Speaking at the company’s annual meeting in Melbourne earlier this week, Mr Allert said that the information provided by AXA, and its view, is that they do not see any anti-competitive issue that the commission has ruled on.
The group’s chairman added that regardless, it’s up to the commission to make up their own minds.
The ACCC ruled last month that a merger would ‘significantly diminish’ incentives to compete in relation to the retail investment platform used by investors, adding that its ownership of MLC, Aviva and JBWere contributed to the decision.
Mr Allert said that the group’s North platform, while innovative, was a ‘relatively small’ business, that’s why they were surprised about the decision.
At NAB's interim profit announcement earlier this month, chief executive Cameron Clyne gave little indication of his next move. He said the bank remained keen and was ‘assessing its options’.
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